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44 FIGHTING FORECLOSURES ON THE HILL In an effort to combat foreclosures for borrowers with Federal Housing Administration (FHA) mortgages, Congresswoman Maxine Waters recently introduced the e FHA Foreclosure Prevention Act of 2019. e Act intends to strengthen requirements for and increase oversight of FHA mortgage servicers "so that every homebuyer with an FHA mortgage is given a fair chance at avoiding foreclosure." "e Federal Housing Administration is critical to our housing market and helps to promote homeownership for underserved borrowers, including first-time and minority homebuyers," said Waters in a statement. "Unfortunately, we continue to see significant problems with the servicing of FHA loans that unnecessarily put homeowners at risk of foreclosure. at is why I have introduced the FHA Foreclosure Prevention Act of 2019, which would ensure that FHA servicers help families experiencing financial hardship avoid foreclosure so that they can remain in their homes." According to a statement from Waters, the Act would require the Department of Housing and Urban Development (HUD) to increase its oversight of FHA mortgage lenders in an effort to strengthen compliance with the FHA's loss mitigation requirements. It would also establish a "robust" complaint and appeals process to provide borrowers the ability to better voice their concerns about unfair treatment. "Ultimately, this bill seeks to ensure that FHA borrowers have a fair opportunity to become current after defaulting on their loan," said a statement from the House Financial Services Committee. Additionally, a companion measure from Senator Catherine Cortez Masto was introduced alongside the Foreclosure Prevention Act. "As Nevada's Attorney General during the housing crisis, I held the Big Banks and mortgage companies accountable for trying to take away the homes of hardworking families in the Silver State," said Cortez Masto in a statement. "Lenders must follow the law before foreclosing on borrowers and that includes communicating transparently and doing everything possible to avoid eviction. Yet loan servicers and mortgage companies are still not following the law when it comes to helping homeowners, which is why my legislation is so important. is bill ensures that lenders put consumers first and take every step possible to keep struggling homeowners in Nevada and across the country in their homes." "PEER PRESSURE" AND HOME PRICES Americans are constantly being pressured to overspend, including on homes, according to a new survey. e recent Bankrate "peer pressure" survey found that around 12% of Americans believe they felt pressured to overspend on their home. Much of this desire to overspend comes from friends and family, with Bankrate reporting that 37% of respondents felt that pressure from their friends were the biggest cause of overspending, next to pressure from spouses or significant others (30%) and extended family (25%) Bankrate's survey covered more than homes. According to the survey, many Americans have also felt pressure to overspend on material items and social activities, more than on homes. However, Bankrate notes that the risk of debt is a big enough reason to keep many people from overspending. e survey found that 25% of respondents admit to charging something to a credit card that they couldn't afford in order to look successful to others, while 75% have not. Millennials, the report states, are the most likely to overspend, over older generations, (64% versus 40%), and are more influenced by pressure from friends. Millennial and Generation Z homeowners reportedly have more homebuyer regrets than older homebuyers as well, according to a recent survey from Freedom Debt Relief. e survey found that 58% of millennial homeowners say their mortgage payment is too high, compared to 52% for Generation X homeowners. e survey examined just how much homebuyers regretted how much they spent or are spending on their home. Of the 1,028 homeowners surveyed, 26% said the cost of owning a home is a burden and they'd rather rent. However, 59% of homeowners still feel that owning a home is part of the American dream. Additionally, 12% of those surveyed have buyers remorse, 12% have missed a mortgage payment is the last decade, and just 28% felt financially secure after purchasing a home. Respondents also said that emergency fixes (57%) and maintenance costs (51%) were the biggest hidden costs of homeownership. Fifty-four percent of millennial said they don't know how much they spend on their house annually. of U.S. housing markets are unaffordable for average wage earners to buy a median- priced home. Source: ATTOM Data Solutions' "Top 10 U.S. Counties with Worst and Best Home Affordability" STAT INSIGHT 74%

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